Cosmos Price Analysis: Will Price Hold Above $10 After Atom 2.0 Rejection?

• Cosmos community has rejected Atom 2.0 paper despite the investors and devs being optimistic about the future
• ATOM/BTC pair has seen a jump of 1.3% in the intraday session. Technical indicators suggests a consolidated trend for the price

Atom 2.0 has been welcomed by devs and investors but has been rejected by the community. After a proposal vote the community has decided to reject the new tokenomics model outlined in Atom 2.0 white paper. Jae kwon the co-founder of the Cosmos blockchain has suggested that he is against the given proposal. Meanwhile Atom price has been seeing a weak upside trend in the past few days.

Cosmos is currently ranked 22nd in the cryptoverse and has a market dominance of 0.35%. The volume of the asset price has observed a drop of 23% in the past 24 hours. Meanwhile, Volume to market cap ratio of the asset price suggests a strong downside momentum in price.

Bulls Of Atom Are Waking Up

Source: Tradingview

The weekly technical chart of the Cosmos hints towards a downside momentum. On coming to the daily chart the asset price has seen a gain of 2.3% and is trading near the value of $10.14. Resistance of the Cosmos can be seen near the value of $15. Meanwhile the support of the asset price can be observed near $8. The asset price is currently trading below the 50 and 100 Daily Moving Average. It has seen a negative crossover in the past which can push the price down to a new low in the future.

Conclusion

Atom price has been severely affected by the collapse of FTX. Atom 2.0 whitepaper has also been rejected by the community despite the devs being hopeful about the future. It is currently in a weak upside trend and can move to a new high in future.

Technical Levels

Major Resistance:$15

Major Support: $8

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source